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On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

The study developed herein aims to address the concerns raised as to the field of retail investments. It aims at analysing market practices and the applicable legislative landscape in order to identify room for improvement and, ultimately, propose potential solutions to foster retail investor protection and participation in financial markets. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

Resolving Banks: The Retail Challenge

Poglobljena analiza 18-10-2022

The credibility to implement bail-in procedures to retail investors seems limited. ECB statistics suggest that Italy, Germany, France, and Austria have large retail investors’ exposure to bank securities. Several policy options to deal with the retail challenge are discussed, including prohibiting banks’ debt securities held by retail investors from being used to meet MREL, a ban on the distribution of complex capital instruments to retail investors, and more stringent MREL requirements for banks ...

The IA provides a convincing justification for revising the CSD Regulation. The analysis, both qualitative and quantitative, is based on the targeted evaluation of the existing CSD Regulation, targeted stakeholder consultation and various data sources (ESMA). However, the IA would have benefited from a more detailed description of the problems, the policy options, and the stakeholder consultation, including the consultation results. Moreover, views of stakeholder groups on the policy options and ...

The assignment of a claim refers to a situation where a creditor (the assignor) transfers the right to claim a debt from the debtor to another person (the assignee) who then becomes a creditor vis-a-vis the debtor (replacing in this role the original creditor). This mechanism is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The ...

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this ...

Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. We look at theoretical contributions and empirical data and suggest possible policy options. We recommend that rules be unambiguous and apply to all institutions ...

This briefing gives an update on and summarises recent events and developments in the Banking Union, based on publicly available information. The following topics are specifically addressed: recent ECB banking supervision publications (the Targeted Review of Internal Models Project Report, the ECB annual report on supervisory activities and the most recent supervisory statistics); the recent SRB guidance on bail-in for international debt securities; risks and vulnerabilities in the financial sector ...

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission put forward two legislative proposals: one for a regulation aligning ...

This study forms part of a series of five studies on mis-selling of financial products in the EU. The study reviews the EU legislative and regulatory framework for the marketing, sale and distribution of financial products to assess whether post-crisis EU regulatory reforms have met their objectives and, if not, what are the gaps and weaknesses in the current EU regulatory approach. The EU follows a sectoral approach to regulating the marketing and sale of financial products, which results in segmentation ...